The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange rose 0.30% in early trading on Wednesday as investors await the decision of the US Central Bank on its rates and its outlook for the coming months.
The star CAC 40 index gained 22.22 points to 7,313.02 points around 9:35 a.m. In the first two sessions of the week, it gained 1.08%, which had taken it to its highest level since May 29.
“In the United States, the inflation figures for the month of May have reinforced the idea that the American Federal Reserve should take a break in its campaign to tighten monetary policy”, summarizes Sebastian Paris Horvitz, of the Postal Bank AM.
After ten consecutive increases since March 2022, the main key rate of the American institution, whose variations have consequences on all credit rates in Western economies, from real estate to consumption, rose from 0% to 5 % in order to fight against inflation.
Analysts are still divided on whether the hold on rates at the meeting will be just an interlude before a final hike in July, or the start of a real pause that even bodes well for a rate cut as soon as the end of the month. year, or in 2024.
However, the still high level of core inflation, which excludes more volatile energy and food prices, is fueling “growing skepticism that central banks will be able to cut rates this year”, nuance the analysts of the Deutsche Bank.
“Jerome Powell should try to convince the market that the potential pause in rates should not last forever” and that a new hike at the next meeting in July is possible given the strength of the labor market, writes John Plassard, investment specialist at Mirabaud.
On the bond market, the 10-year French government loan, the benchmark maturity, was again approaching 3%, at 2.95%, against 2.91% on Monday at the close.
Before that, the agenda highlights the figures for industrial production in the euro zone, and the evolution of wholesale prices in the United States.
The UK recorded GDP growth of 0.2% in April, which rebounded thanks to consumer services after a “weak” month of March when it fell by 0.3%, the Office said on Wednesday. National Statistics Office (ONS).
Niel, Pigasse and Zouari bid on Casino
The Casino group, in financial difficulties, confirmed on Wednesday that it had received a “preliminary expression of interest” from the trio of businessmen Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari for a “reinforcement of the equity” of the distributor in difficulty of up to 1.1 billion euros. The action jumped 14.65% to 7.61 euros, after having taken more than 20% in the first exchanges.
Of this total, “200 to 300 million would be invested directly by them”, specifies Casino in a press release, according to which “at this stage, it is not a question of a firm offer but of a preliminary expression of interest which might not work.”
The action of the parent company of the distributor, Rallye, jumped 24.19% to 2.31 euros. Its share value has more than tripled (+215%) since Monday.
More people in the Partouche casinos
The Partouche casino group (+1.89% to 21.60 euros) saw its turnover increase by 15.2% in the first half of 2022-2023, compared to the first six months of its previous financial year when the attendance of its establishments was still affected by the “vaccination pass”, he announced on Tuesday.
© 2023 AFP
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